ETITech ... Jan10

It expects to see good contribution from its new gold cart battery business and rural solar power generation.

It signed an MOU with US electric vehicle maker, ZAP that proposes to integrate ETI’s higher powered lithium based battery into the California based company’s personal transport line that includes scooters and other vehicles. The deadline to finalize the deal has been extended several times, the latest to Feb 18, 2010.

While the ZAP deal is a potentially successful businesses in the long term, the company in the near term is banking on its green rural electricity generation system and its golf cart batter business.

Its existing own brand of mobile charging products and customised design battery packs were the main contributors to the group’s full year revenue in fy2009.

Emirates Investment & Development Co (Emivest) ceased to be a substantial shareholder after the Dubai fund sold its remaining 6.41% stake. Lee and executive director Dennis Chuah have also reduced their stakes to 15.13% and 14.53%.